Gulf Related plans $266.6m development in Saudi Arabia
$266.6m plan involves the construction of a residential compound for expatriates in the city
Gulf Related, the real estate investment arm of Abu Dhabi-based Gulf Capital, has unveiled plans to build a residential project in the Saudi capital, Riyadh.
The $266.6m plan involves the construction of a residential compound for expatriates in the city. Expected to be completed by early 2015, the first phase of the development includes 450 to 500 villas, townhouses, and apartments, to be made available for rent.
The project will be built on two plots of land with a total area of around 300,000m2, located in the North Western part of Riyadh on the Salboukh Highway.
“Studies suggest that there is currently a shortage of over 100,000 units of residential facilities for expatriates in the capital,” Gulf Capital said.
“Gulf Related, our real estate joint venture, intends to cater for this growing need by launching one of the largest and most appealing residential compounds in Riyadh.”
